John Glen
Main Page: John Glen (Conservative - Salisbury)Department Debates - View all John Glen's debates with the HM Treasury
(1 month, 1 week ago)
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Rachel Reeves
I thank my hon. Friend for his question and his work on the Treasury Committee. On pensions reform, through the Mansion House accord and Sterling 20, we have got pension funds to commit to investing more in British businesses, both through British venture schemes and in British infrastructure. Those changes were secured by the Pension Schemes Act 2026 taken through Parliament by the Under-Secretary of State for Work and Pensions, my hon. Friend the Member for Swansea West (Torsten Bell). That, for the first time ever, requires investment in UK businesses and in infrastructure. We are also making reforms to how our ISA system works so that for people under the age of 65, after investing £12,000 in cash, any additional money has to be invested in stocks and shares, helping start-up and scale-up businesses grow and stay in Britain.
John Glen (Salisbury) (Con)
The Chancellor has obviously had to make some tough decisions since 2024, but the right hon. Member for Ilford North (Wes Streeting) wants her to go further by aligning the capital gains tax rate to the higher rates of income tax. Did she examine the behavioural effects of such a policy before she made a much more modest increase in her first Budget?
Rachel Reeves
In my two Budgets, I have raised an additional £30 billion through taxes for more wealthy people, whether that is through the changes to the non-dom rules, VAT and business rates on private schools, taxes on private jets, the high-value council tax surcharge or, indeed, the increases in capital gains tax. Combined, that is an extra £30 billion secured for our public services, to stabilise our public finances and get debt down as a share of our economy by asking those with the broadest shoulders to pay more.